Maximise Your Earnings: Top Bank Savings and Deposit Rates in Singapore
As of 6 Sep 2024, individuals in Singapore have the opportunity to earn up to 5% per annum with select bank savings and fixed or time deposit accounts. This guide provides an in-depth look at the most competitive rates available.
Understanding the inherent stability of deposits is crucial. Unlike other financial instruments that are subject to market fluctuations, fixed deposits offer a secure option with significantly lower risk. They ensure that your capital remains intact, providing peace of mind and a reliable safety net for your hard-earned money.
Please note that all promotional offers mentioned herein are subject to specific terms and conditions and may change anytime. You are advised to thoroughly review these stipulations prior to engagement. Mistakes and typos may happen, please do your due diligence and verify before committing
Deposits are categorised into two primary types:
Fixed/Time Deposits: These require the allocation of funds – typically fresh funds – in an account for a predetermined duration.
Incremental Balance Promotions: These promotions necessitate an increase in the average balance of your account over a set period, using fresh funds
The term ‘fresh funds’ refers to money transferred into the bank account from outside-the-bank sources.
Frequently Asked Question: Which bank is offering the very best rate? It depends on the tenure, amount and fund freshness. We have highlighted the highest rate for 1-mth, 3-mth, 6-mth and 12-mth tenures in the first section below for your convenience.
These fixed deposit schemes may require fresh funds to qualify for the advertised rates. These promotions offer the overall best interest rate if you don’t have the need to access your funds for the specified terms.
Such promotions offer flexibility, allowing you to access your funds without the restrictions commonly associated with fixed deposits. These promotions offer the second best interest rate and also allow you to withdraw the funds anytime, even partially.
These accounts DO NOT have these requirements – salary crediting, GIRO payments, bill payments, purchase of investment / insurance / wealth products and/or minimum card spending to enjoy the interest rates. They may have conditions such as minimum balance requirement to achieve max interest rate (most accounts except MariBank), tiered interest rates (most accounts except MariBank) and maintaining the monthly average balance (UOB Stash).
These usually offer the third best effective interest rate, allowing you to withdraw the funds anytime and do not require any regular action from your end to earn the interest.
These cards provide savings of up to 3.25% when used overseas as compared to using common debit cards such as DBS debit cards that are not linked to a multi currency account or using an unsupported currency.
Trust Debit/Credit *Recommended* (Local bank with good exchange rates and funds earn interest) (Free $10 FairPrice E-Voucher with referral code [ QP4KSSYY ])
Wise Debit (Fees apply, hold over 40 currencies to convert and send money, funds can earn at-risk interest)
Revolut Debit (Fees apply, 1% currency conversion fees on weekends, use this link for free 3-mth Premium trial)
Revision History
Here are the last few changes sorted by most recent
6 Sep 2024
Fixed Deposit Promotions: RHB latest rates reduced by 0.15%
3 Sep 2024
Fixed Deposit Promotions: Added SingFinance
2 Sep 2024
Fixed Deposit Promotions: Added “Standard Chartered Singapore Offers 3% – 3.20% p.a. for 3-Month Time Deposits”, “ICBC Up to 3.25% p.a. from 2 September 2024″, SSB, Bank of China, State Bank of India
Best High-Yield Bank Accounts: Added CIMB revising rates from 1 Oct.
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typically fresh funds – in an account for a
predetermined duration.
increase in the average balance of your
account
over a set period, using fresh funds
Best Fresh Funds Promotions (Up to 3.60% p.a.)
Best High-Yield Bank Accounts (Up to 5% p.a.)
Best Debit Cards For Overseas Usage
Revision History
Maybank Singapore Offers Time Deposit Rates Up to 3.2% HIGHEST 6-mth (3.2%)
OCBC Bank Singapore Offers Up To 2.9% p.a. In Latest 6-mth Fixed Deposit Rates From 5 Aug 2024
UOB Singapore Offers Up to 2.70% p.a. Fixed Deposit Promotion till 30 Sep
Citibank Singapore Sept 2024 Time Deposit Rates Offers 2.55% p.a. for 3 and 6-Month Terms till 30 Sep
CIMB Singapore New Fixed Deposit Rates Offers Up to 3% p.a. from 1 Sep
Standard Chartered Singapore Offers 3% – 3.20% p.a. for 3-Month Time Deposits till 30 Sep
ICBC Singapore Latest Fixed Deposit Rates Offers Up to 3.25% p.a. from 2 Sep
Singapore Savings Bonds Offers Up to 2.77% p.a. in Latest Issue, Apply by 25 Sep 2024 *SSB*
Bank of China (Singapore) Latest Time Deposit Rates Offers Up to 3.20% p.a. Effective 2 Sep HIGHEST 1-mth (2.95%) / 3-mth (3.20%)
State Bank of India Singapore New Time Deposit Rates of Up to 3.15% p.a. from 2 Sep
SingFinance Latest Fixed Deposit Rates Offers Up to 2.85% p.a. From 3 Sep HIGHEST 12-mth (2.85%)
Stashaway Simple Guaranteed up to 3.5% p.a. (as of 1 Sep)
Maybank S’pore Sep/Oct 2024 Fresh Funds Top-up Promo Offers Interest Rates up to 3.60% p.a. till 31 Oct
CIMB Singapore Offers Attractive 3.30% p.a. Interest on Fresh Funds Till 30 Sep
from 1 Oct)
CIMB: Earn up to 3.5% with StarSaver (Revision to “up to 3.30%”
from 1 Oct)
MariBank Mari Savings Account flat 2.70% p.a. on first $100k (Use code MCCNDP24 for up to $18 Shopee voucher or 8ZEF70CP for $5 cash till 31 Aug)
Trust Bank Savings Account up to 2% p.a, (Free $10 FairPrice E-Voucher with referral code QP4KSSYY )
RHB High Yield Savings Plus Account up to 2% p.a.
UOB Stash Account earn up to 5% p.a. interest on first $100k (Monthly Average Balance must not decrease)
HL Bank iSavings Account earn up to 3.28%
Sing Investments & Finance Gosavers Account up to 3.50% p.a.
Standard Chartered JumpStart Account 2% p.a. on first S$50,000 (age 18 – 26 at sign-up)
BOC SuperSaver up to 3.60% p.a. (Account must be linked to PayNow to earn bonus interest)
Singapura Finance Vivid Savings Account up to 2.58% on first $200k
Best Debit Cards For Overseas Usage
Trust Debit/Credit *Recommended* (Local bank with good exchange rates and funds earn interest) (Free $10 FairPrice E-Voucher with referral code [ QP4KSSYY ])
Youtrip Debit (No fee and best exchange rates, funds do not earn interest, use
this referral link to get $5)
Wise Debit (Fees apply, hold over 40 currencies to convert and send money, funds can earn at-risk interest)
Revolut Debit (Fees apply, 1% currency conversion fees on weekends, use
this link for free 3-mth Premium trial)
Promotions: RHB
latest rates reduced
by 0.15%
Added SingFinance
Chartered Singapore Offers 3% – 3.20%
p.a. for 3-Month Time Deposits”, “ICBC Up to 3.25% p.a. from
2 September 2024″, SSB, Bank of China, State Bank of India
High-Yield Bank Accounts:
Added CIMB revising rates from
1 Oct.
Promotions: Removed
expired entries. Added UOB, CIMB, Citibank
Promotion: Removed
expired entries.
Added CIMB and Maybank offers
rates by 0.15% to 0.25%
across all tenures
only monthly due
to frequent changes
months rate revised to
3.55% from 3.5%
months rate revised to 3.5% from 3.55%,
12 month rate revised to
2.9% from 3%
months rate revised
to 3.55% from 3.6%
deposit rates drop by
0.05% for selected tenures
fixed deposit
rates drop by
up to 0.25%
Cash+ offer
revised to “up to 3.6% p.a.”
by up
to
0.1% across selected tenures
reduces rates
by 0.05% across
most tenures
rates
by 0.1% to
0.2% across all tenures
“up
to 3.5% p.a.”
Singapore Time Deposit 1yr tenures increased
by 0.2% to 2.8%
Cash+ offer revised
to “up to
3.4% p.a.”
offer
revised
to “up to 3.5% p.a.”
(Some rate drops of
0.05%
for selected tenures)
Offers Up To 2.9% p.a. In Latest
6-mth Fixed Deposit Rates
(No more 12-mth tenures)
rate
to 3.6%
expired entries. Added
Standard Chartered, SSB, Maybank,
UOB, CIMB
expired entries.
Added CIMB and Standard Chartered offers
Bank Account:
Added
Singapura Finance
CIMB Bank has a new online fixed deposit promotion with interest of up to 1.80% p.a.
Any promotion from Bank of China? Their website is never updated since 2 yrs ago.
State Bank Of India 12 months 4% $50000
You forgot about citibank. 3 mths 3.88% now. Minimum 250k placement